Exhibit 10.1


                     EXECUTIVE SALARY CONTINUATION AGREEMENT

      THIS AGREEMENT,  made and entered into this 17th day of June, 2008, by and
between American Bank of New Jersey, a savings bank organized and existing under
the laws of the United States (hereinafter  referred to as the "Bank"), and Fred
G. Kowal, an Executive of the Bank (hereinafter referred to as the "Executive").

                              W I T N E S S E T H:
                               - - - - - - - - - -

      WHEREAS,  the Executive has been and continues to be a valued Executive of
the Bank, and is now serving the Bank; and

      WHEREAS,  the  Executive  and the Bank  have  previously  entered  into an
Executive Salary Continuation Agreement; and

      WHEREAS, since the execution of the original agreement, certain changes to
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), have
been enacted; and

      WHEREAS, it is necessary to revise the original agreement to reflect these
changes to the Code;

      ACCORDINGLY,  it is the desire of the Bank and the Executive to enter into
this  agreement  (sometimes  referred to herein as the  "Executive  Plan") under
which  the  Bank  will  agree  to make  certain  payments  to the  Executive  at
retirement or the Executive's  beneficiary(ies)  in the event of the Executive's
death pursuant to this agreement;

      FURTHERMORE,  it is the intent of the parties  hereto that this  Executive
Plan be  considered  an unfunded  arrangement  maintained  primarily  to provide
supplemental  retirement  benefits  for  the  Executive,  and  be  considered  a
non-qualified  benefit plan for purposes of the Employee Retirement Security Act
of 1974,  as amended  ("ERISA").  The  Executive is fully  advised of the Bank's
financial  status and has had  substantial  input in the design and operation of
this benefit plan; and

      NOW, THEREFORE, in consideration of services to be performed in the
future as well as of the mutual  promises and covenants  herein  contained it is
agreed as follows:

I.    EMPLOYMENT

      The Bank agrees to employ the  Executive in such  capacity as the Bank may
      from time to time determine.  The Executive will continue in the employ of
      the Bank in such capacity and with such duties and responsibilities as may
      be assigned to him, and with such  compensation  as may be determined from
      time to time by the Board of Directors of the Bank.

                                       1

<PAGE>

II.   FRINGE BENEFITS

      The salary continuation benefits provided by this agreement are granted by
      the  Bank as a fringe  benefit  to the  Executive  and are not part of any
      salary  reduction  plan or an  arrangement  deferring  a bonus or a salary
      increase. The Executive has no option to take any current payment or bonus
      in  lieu  of  these  salary  continuation  benefits  except  as set  forth
      hereinafter.

III.  NORMAL RETIREMENT AGE

      Normal  Retirement Age shall mean the date on which the Executive  attains
      age sixty-five (65).

IV.   RETIREMENT BENEFIT

      Provided said  retirement  constitutes a Separation  from Service (as that
      phrase is defined under Section 409A of the Code and the  regulations  and
      guidance of general applicability issued thereunder (referred to herein as
      "Section  409A")),  the Bank,  commencing  with the first day of the month
      following the later of the date the Executive actually retires or the date
      the Executive  attains his Normal  Retirement  Age, shall pay Executive an
      annual  benefit  equal to  forty-five  percent  (45%)  of the  Executive's
      average  base  salary  (with each  year's  base  salary  determined  on an
      annualized  basis,   taking  into  account  any  base  salary  adjustments
      occurring  during  the  applicable  year)  based  upon the  average of the
      highest three (3) out of the last five (5) years of employment  (including
      the year in which the Separation from Service occurs).  Said benefit shall
      be paid in equal monthly  installments  (1/12 of the annual benefit) until
      the death of the Executive.

      Notwithstanding the foregoing,  if the Executive is, as of the date of his
      Separation  from  Service,  a "Specified  Employee" (as defined in Section
      409A),  then the  retirement  benefits  described in this Section IV shall
      commence  to be paid on the first day of the month that next  follows  the
      six-month  anniversary of the date the Executive  experiences a Separation
      from Service,  or his death, if earlier,  with the first payment including
      all monthly  retirement  benefits that would have been previously paid but
      for this sentence.

V.    DEATH OF THE EXECUTIVE

      In the event of the death of the Executive, this agreement shall terminate
      and, if applicable, the Executive's beneficiary(ies) shall be paid a death
      benefit under the terms of the Endorsement  Method Split Dollar  Agreement
      between the Executive and the Bank and not this agreement.

VI.   BENEFIT ACCOUNTING

      The Bank shall account for this benefit using GAAP accounting  principles.
      The Bank shall establish an accrued liability  retirement  account for the
      Executive into which appropriate reserves shall be accrued.

                                       2

<PAGE>

VII.  VESTING

      For purposes of Section  VIII.A,  the  Executive's  vested interest in the
      benefits  that are the subject of this  Agreement  shall be  determined by
      multiplying  the number of the  Executive's  "Months of  Service" by 1.667
      percent  (not to  exceed  100  percent).  For  purposes  of the  preceding
      sentence,  the  Executive  shall be credited with a "Month of Service" for
      each  calendar  month  period  (determined  from the month  the  Executive
      commenced  employment with the Bank and ending on the month during which a
      Separation of Service  occurs) during which the Executive is  continuously
      employed by the Bank. For all other purposes under the Plan, the Executive
      shall be 100 percent vested in the benefits provided herein.

VIII. OTHER TERMINATION OF EMPLOYMENT AND DISABILITY

      A. Other Termination of Employment:
         -------------------------------

             Subject to Subsection VIII.A(i) hereinbelow,  in the event that the
         employment of the Executive shall terminate prior to Normal  Retirement
         Age, as provided in Section  III, for reasons  other than  "disability"
         (as  defined in Section  VIII.B)  or Change of Control  (as  defined in
         Section IX), but including by the  Executive's  voluntary  action or by
         the  Executive's   discharge  by  the  Bank  without  cause,  and  such
         termination  of  employment  constitutes  a  Separation  of Service (as
         defined in Section IV), then this  agreement  shall  terminate upon the
         date of such  termination  of employment  and the Bank shall pay to the
         Executive  as  severance  compensation  an amount of money equal to the
         accrued balance of the Executive's liability reserve account multiplied
         by the Executive's  vested  percentage  determined as of his Separation
         From Service (as defined in Section IV).  This  severance  compensation
         shall be paid in a lump sum no later  than 2 1/2 months  following  the
         date of the Executive's termination of employment.  Notwithstanding the
         foregoing,  if the  Executive  is as of the  date  of  Separation  from
         Service a "Specified Employee" (as herein defined),  then payment under
         this  Article  VIII  shall  not be paid  earlier  than  the  183rd  day
         following the date the Executive  incurs a Separation from Service,  or
         his death, if earlier.

          (i)  Discharge  for  Cause:  In  the  event  the  Executive  shall  be
               discharged  for cause at any time, all benefits  provided  herein
               shall be  forfeited.  The term "for cause" shall be as defined in
               the Executive's  Employment  Agreement  between the Executive and
               the Bank in effect at the time of said termination.  If a dispute
               arises  as to  discharge  "for  cause,"  such  dispute  shall  be
               resolved by arbitration as set forth in this Executive Plan.

      B. Disability:
         ----------

             In the event the Executive becomes disabled prior to his Separation
         from Service (as defined in Section IV), and the Executive's Separation
         from Service is on account of such  disability,  the Executive shall be
         entitled  to receive  one  hundred  percent  (100%) of the  Executive's

                                       3
<PAGE>

         accrued  liability  balance at the time of Separation  from Service for
         said  disability.  Except as otherwise  provided  herein,  said accrued
         liability  balance at  termination  shall be paid to the Executive in a
         lump  sum  no  later  than  2 1/2  months  following  the  date  of the
         Executive's Separation from Service.

         Disability shall be defined in the Executive's  Employment Agreement in
         effect at the time of his Separation  from Service or, if no Employment
         Agreement  is then in effect,  then as defined in the Bank's  long term
         disability policy in effect at the time of said disability.  If neither
         definition  exists  at the time of  termination  and there is a dispute
         regarding  whether the  Executive  is disabled,  such dispute  shall be
         resolved by a physician  selected by the Bank, a physician  selected by
         the Executive,  and a third physician selected by each of the other two
         (2) physicians.  Such  resolution  shall be binding upon all parties to
         this agreement.

         Notwithstanding the foregoing, if the disability that gives rise to the
         Executive's  Separation from Service does not cause the Executive to be
         "disabled"  within the meaning of Section 409A,  and if, as of the date
         of  such  Separation  from  Service,  the  Executive  is  a  "Specified
         Employee" (as defined in Section 409A),  then his  disability  benefits
         payable  pursuant to this Section  VIII.B shall  commence to be paid on
         the first day of the month that next follows the six-month  anniversary
         of the date the  Executive  incurs a Separation  from  Service,  or his
         death, if earlier.

IX.   CHANGE OF CONTROL

      Change  of  Control  shall be as  defined  in the  Executive's  Employment
      Agreement between the Executive and the Bank in effect at the time of said
      Change of Control. Upon a Change of Control, if the Executive subsequently
      suffers an involuntary  termination of service, except for cause, and such
      termination of service  constitutes a Separation  from Service (as defined
      in Section IV), or, upon a voluntary  termination of service within twelve
      (12) months after such Change of Control,  if any of the following events,
      which have not been  consented to in advance by the  Executive in writing,
      occur:  (i) if the  Executive  would  be  required  to move  his  personal
      residence or perform his  principal  executive  functions  more than forty
      (40) miles from the  Executive's  primary office as of the signing of this
      agreement,  or (ii) if the Bank should fail to maintain  Executive's  base
      compensation  in effect as of the date of the  Change of  Control  and the
      existing  employee  benefits  plans,   including   material,   fringe  and
      retirement plans, then the Executive shall receive the benefits in Section
      IV herein  upon  attaining  Normal  Retirement  Age (as defined in Section
      III), as if the Executive had been continuously employed by the Bank until
      the Executive's Normal Retirement Age.  Notwithstanding the foregoing, all
      sums payable  hereunder shall be reduced in such manner and to such extent
      so that no such payments made  hereunder,  when  aggregated with all other
      payments  to be made to the  Executive  by the  Bank,  shall be  deemed an
      "excess parachute payment" in accordance with Section 280G of the code and
      be subject to the excise tax provided at Section 4999(a) of the Code.

      Notwithstanding  the  above,  if the  Executive  is as of the  date of his
      Separation from Service a "Specified  Employee" (as herein defined),  then
      payment under this Article IX shall not be paid earlier than the 183rd day

                                       4
<PAGE>

      following the date the Executive incurs a Separation from Service,  or his
      death, if earlier,  with any payments not made on account of this sentence
      being paid with the Executive's first payment.

X.    RESTRICTIONS ON FUNDING

      The Bank shall have no  obligation  to set aside,  earmark or entrust  any
      fund or money with which to pay its obligations under this Executive Plan.
      The Executive, his beneficiary(ies), or any successor in interest shall be
      and remain simply a general creditor of the Bank in the same manner as any
      other creditor having a general claim for matured and unpaid compensation.

      The Bank reserves the absolute  right, at its sole  discretion,  to either
      fund the obligations  undertaken by this Executive Plan or to refrain from
      funding the same and to  determine  the extent,  nature and method of such
      funding. Should the Bank elect to fund this Executive Plan, in whole or in
      part,  through the purchase of life  insurance,  mutual funds,  disability
      policies or annuities,  the Bank reserves the absolute  right, in its sole
      discretion, to terminate such funding at any time, in whole or in part. At
      no time shall the  Executive be deemed to have any lien,  right,  title or
      interest in any  specific  funding  investment  or assets of the Bank.  No
      manner of funding shall be permitted that would violate Section 409A.

      If the Bank elects to invest in a life  insurance,  disability  or annuity
      policy on the life of the Executive,  then the Executive  shall assist the
      Bank by freely submitting to a physical exam and supplying such additional
      information necessary to obtain such insurance or annuities.

XI.   MISCELLANEOUS

      A. Alienability and Assignment Prohibition:
         ---------------------------------------

         Neither the Executive,  nor the Executive's  surviving spouse,  nor any
         other  beneficiary(ies)  under this Executive Plan shall have any power
         or  right  to  transfer,  assign,  anticipate,  hypothecate,  mortgage,
         commute,  modify or  otherwise  encumber in advance any of the benefits
         payable  hereunder nor shall any of said benefits be subject to seizure
         for  the  payment  of  any  debts,   judgments,   alimony  or  separate
         maintenance owed by the Executive or the Executive's  beneficiary(ies),
         nor be  transferable  by operation  of law in the event of  bankruptcy,
         insolvency or otherwise.  In the event the Executive or any beneficiary
         attempts assignment, commutation,  hypothecation,  transfer or disposal
         of the benefits hereunder, the Bank's liabilities shall forthwith cease
         and terminate.

      B. Binding Obligation of the Bank and any Successor in Interest:
         ------------------------------------------------------------

         The Bank shall not merge or  consolidate  into or with  another bank or
         sell  substantially  all of its assets to another bank,  firm or person
         until such bank, firm or person expressly agrees, in writing, to assume
         and  discharge  the  duties  and  obligations  of the Bank  under  this

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<PAGE>

         Executive  Plan.  This Executive Plan shall be binding upon the parties
         hereto,   their   successors,   beneficiaries,   heirs   and   personal
         representatives.

      C. Amendment or Revocation:
         -----------------------

         It is agreed  by and  between  the  parties  hereto  that,  during  the
         lifetime  of the  Executive,  this  Executive  Plan may be  amended  or
         revoked  at any time or  times,  in whole  or in  part,  by the  mutual
         written  consent of the Executive  and the Bank. No amendment  shall be
         permitted  that would  violate,  or cause this  agreement  to  violate,
         Section 409A.

      D. Gender:
         ------

         Whenever  in this  Executive  Plan words are used in the  masculine  or
         neuter  gender,  they shall be read and construed as in the  masculine,
         feminine or neuter gender, whenever they should so apply.

      E. Effect on Other Bank Benefit Plans:
         ----------------------------------

         Nothing  contained in this Executive Plan shall affect the right of the
         Executive  to  participate  in  or  be  covered  by  any  qualified  or
         non-qualified   pension,   profit-sharing,   group,   bonus   or  other
         supplemental compensation or fringe benefit plan constituting a part of
         the Bank's existing or future compensation structure.

      F. Headings:
         --------

         Headings  and  subheadings  in this  Executive  Plan are  inserted  for
         reference and  convenience  only and shall not be deemed a part of this
         Executive Plan.

      G. Applicable Law:
         --------------

         The validity and  interpretation of this agreement shall be governed by
         the laws of the State of New Jersey.

      H. 12 U.S.C. ss.1828(k):
         --------------------

         Any payments made to the Executive  pursuant to this Executive Plan, or
         otherwise, are subject to and conditioned upon their compliance with 12
         U.S.C. ss.1828(k) or any regulations promulgated thereunder.

      I. Partial Invalidity:
         ------------------

         If any term,  provision,  covenant, or condition of this Executive Plan
         is determined  by an  arbitrator or a court,  as the case may be, to be
         invalid,  void, or unenforceable,  such determination  shall not render
         any other term,  provision,  covenant or condition  invalid,  void,  or
         unenforceable,  and the  Executive  Plan shall remain in full force and
         effect  notwithstanding  such partial invalidity.

                                       6
<PAGE>

      J. Not a Contract of Employment:
         ----------------------------

         This  agreement  shall  not be  deemed  to  constitute  a  contract  of
         employment  between the parties hereto,  nor shall any provision hereof
         restrict the right of the Bank to discharge the Executive,  or restrict
         the right of the Executive to terminate employment.

      K. Effective Date:
         --------------

         The  Effective  Date of this  agreement  shall be the date first  above
         written.

XII.  ERISA PROVISION

      A. Named Fiduciary and Plan Administrator:
         --------------------------------------

         The "Named  Fiduciary and Plan  Administrator"  of this  Executive Plan
         shall be  American  Bank of New  Jersey.  As Named  Fiduciary  and Plan
         Administrator,  the  Bank  shall  be  responsible  for the  management,
         control and  administration  of the Executive Plan. The Named Fiduciary
         may  delegate  to  others   certain   aspects  of  the  management  and
         operational  responsibilities  of  the  Executive  Plan  including  the
         employment  of advisors and the  delegation  of  ministerial  duties to
         qualified individuals.

      B. Claims Procedure and Arbitration:
         --------------------------------

         In the event a dispute  arises over benefits  under this Executive Plan
         and  benefits  are not  paid to the  Executive  (or to the  Executive's
         beneficiary(ies)  in  the  case  of the  Executive's  death)  and  such
         claimants  feel they are  entitled  to receive  such  benefits,  then a
         written   claim  must  be  made  to  the  Named   Fiduciary   and  Plan
         Administrator named above within sixty (60) days from the date payments
         are refused.  The Named Fiduciary and Plan  Administrator  shall review
         the written  claim and if the claim is denied,  in whole or in part, it
         shall  provide  in  writing  within  sixty (60) days of receipt of such
         claim the specific reasons for such denial, reference to the provisions
         of  this  Executive  Plan  upon  which  the  denial  is  based  and any
         additional material or information necessary to perfect the claim. Such
         written notice shall further  indicate the additional steps to be taken
         by  claimants  if a further  review of the claim  denial is desired.  A
         claim  shall  be  deemed  denied  if  the  Named   Fiduciary  and  Plan
         Administrator  fail to take any action within the  aforesaid  sixty-day
         period.

         If  claimants  desire a second  review  they  shall  notify  the  Named
         Fiduciary and Plan  Administrator  in writing within sixty (60) days of
         the first claim denial. Claimants may review this Executive Plan or any
         documents  relating  thereto and submit any written issues and comments
         they  may  feel  appropriate.  In  their  sole  discretion,  the  Named
         Fiduciary and Plan Administrator shall then review the second claim and
         provide a written  decision  within  sixty (60) days of receipt of such
         claim.  This decision shall likewise state the specific reasons for the

                                       7
<PAGE>

         decision and shall  include  reference to specific  provisions  of this
         agreement upon which the decision is based.

         Any  controversy  or claim arising out of or relating to this Executive
         Plan, or breach thereof, shall be settled exclusively by arbitration in
         accordance  with the rules then in effect of the district office of the
         American Arbitration  Association ("AAA") nearest to the home office of
         the Bank,  and judgment  upon the award  rendered may be entered in any
         court  having  jurisdiction  thereof,  except  to the  extent  that the
         parties may  otherwise  reach a mutual  settlement  of such issue.  The
         provisions  of this  Paragraph  shall  survive the  expiration  of this
         Executive Plan.

         Where a dispute arises as to the Bank's discharge of the Executive "for
         cause," such dispute  shall  likewise be  submitted to  arbitration  as
         above  described  and the  parties  hereto  agree  to be  bound  by the
         decision thereunder.

XIII. TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
      RULES OR REGULATIONS

      Notwithstanding  anything  herein  above  to the  contrary,  the  Bank  is
      entering  into  this  Executive  Plan  upon the  assumption  that  certain
      existing tax laws,  rules and regulations will continue in effect in their
      current form. If any said assumptions  should change and said change has a
      detrimental  effect on this  Executive  Plan,  then the Bank  reserves the
      right to terminate or modify this Executive Plan accordingly. Furthermore,
      the Board has the right to  terminate  or  modify  future  accruals  if so
      determined  within  the  Board's  business  judgment  whether  or not this
      Executive  Plan  has a  detrimental  effect  on the  Bank.  Upon  any said
      modification or termination of the Executive Plan, any benefits accrued to
      the  Executive's   liability  retirement  account  on  the  date  of  said
      modification or termination  shall be paid to the Executive in a lump sum,
      subject to the provisions  below.  Upon a Change of Control  (Section IX),
      this paragraph shall become null and void effective  immediately upon said
      Change of Control.  Notwithstanding  the foregoing,  no amendment shall be
      made to this Executive Plan that would violate,  or cause the agreement to
      violate,   Section  409A.  Further  notwithstanding  the  foregoing,   the
      agreement may not be terminated  unless all of the requirements of Section
      409A  regarding  plan  terminations  are  satisfied.  Accordingly,  unless
      Section 409A permits  otherwise,  this agreement may be terminated only if
      (a) all  arrangements  sponsored  by the  Bank and any  affiliated  entity
      (within the meaning of Section  414(b) and 414(c)) that are required to be
      aggregated with this agreement  under Section 409A are terminated;  (b) no
      payments  other than payments that would be payable under the terms of the
      Executive Plan or an aggregated  plan if the  termination had not occurred
      are made within 12 months of the termination of the arrangements;  (c) all
      payments  are made within 24 months of the  termination  of the  Executive
      Plan  and  related  arrangements;  and (d) the Bank  does not  adopt a new
      arrangement  that would be required to be aggregated  with this  Executive
      Plan  under   Section  409A  if  the   Executive   participated   in  both
      arrangements, within three years of the termination of the agreement.

                                       8
<PAGE>

XIV.  CONFIDENTIAL INFORMATION

      The Executive acknowledges that during his employment he or she will learn
      and have  access to  confidential  information  regarding  the Bank or any
      affiliate and its customers and businesses  ("Confidential  Information").
      The  Executive  agrees and  covenants  not to  disclose or use for his own
      benefit,  or  the  benefit  of  any  other  person  or  entity,  any  such
      Confidential  Information,  unless  or  until  the  Bank or any  affiliate
      consents to such  disclosure  or use or such  information  becomes  common
      knowledge in the industry or is  otherwise  legally in the public  domain.
      The Executive shall not knowingly  disclose or reveal to any  unauthorized
      person  any  Confidential   Information   relating  to  the  Bank  or  any
      affiliates,  or to  any  of the  businesses  operated  by  them,  and  the
      Executive  confirms  that  such  information   constitutes  the  exclusive
      property of the Bank or any affiliate.  The Executive  shall not otherwise
      knowingly act or conduct himself (a) to the material detriment of the Bank
      or its affiliates, or (b) in a manner which is inimical or contrary to the
      interests of the Bank or any affiliate. Notwithstanding anything herein to
      the contrary,  failure by the  Executive to comply with the  provisions of
      this Section may result in the immediate termination of the Executive Plan
      within the sole  discretion of the Bank,  disciplinary  action against the
      Executive  taken by the Bank and other  remedies  that may be available in
      law or in equity.

In witness whereof, the parties hereto acknowledge that each has carefully read
this Executive Plan and executed the original thereof on the first day set forth
hereinabove, and that, upon execution, each has received a conforming copy.


                            [CONTINUED ON NEXT PAGE]

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<PAGE>



                                            AMERICAN BANK OF NEW JERSEY
                                            Bloomfield, New Jersey


/s/Kathleen Walsh                           By: /s/ W. George Parker
------------------------------------            --------------------
Witness
                                            Title:   Chairman



/s/Kathleen Walsh                               /s/ Fred G. Kowal
------------------------------------            --------------------
Witness                                         Fred G. Kowal